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Overseas bank branches see profits improve

Local banks’ overseas branches regained momentum in April as their pretax profits rose 147 percent year-on-year to NT$3.45 billion (US$124.45 million), compared with an annual decline of 23.2 percent in the first quarter, Financial Supervisory Commission data showed.
Banks’ overseas branches were under less pressure from bad loans in April, enabling them to set fewer loan provisions and write off fewer bad loans, Banking Bureau Deputy Director-General Huang Kuang-hsi (黃光熙) told a videoconference on Thursday.
Overseas branches had been battling with rising non-performing loans since the middle of last year, as many of their debtors failed to repay loans because the COVID-19 ....

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Taiwan regulator imposes biggest ever domestic fine on leading bank


Taiwan regulator imposes biggest ever domestic fine on leading bank
Taiwan s Financial Supervisory Commission (FSC) has fined Citibank Taiwan NT$10m (US$357,194) and DBS Bank Taiwan NT$6m for breaches in the country s anti-money laundering regulations.
The NT$10m fine is the highest penalty that it has imposed on a domestic bank, the commission said in a report of a news conference by the Taipei Times.
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Citibank Taiwan failed to set up a sound mechanism for evaluating clients risk of money laundering and for detecting suspicious transactions, Banking Bureau Deputy Director-General Huang Kuang-hsi told a news conference in New Taipei City. ....

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